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Self employed home loans are income verified mortgages to buy your dream home or refinance home mortgage. To qualify, you need good credit and can show sufficient income on your tax returns.
If you've been self employed with a registered business for more than two (2) years and declare income on your tax returns, this business owner mortgage, at best interest rates, is for you. You'll need 2 years average of your line 150 Notice of Assessment income.
Are you a little short on assessed income to qualify for the mortgage amount needed? If your business is a proprietorship (not incorporated), we may be able to help. We'll look for business adjustments on your tax returns to fit you into one of these self employed loans.
We'll go through your tax returns and look for allowable expenses to add back to increase your income. If you still get declined we'll protect your credit and redirect your application for alternative mortgage financing, without wasting time.
Loans for self employed with good credit.
Insured, high ratio self employed loans are available for your principal home with up to 2 units provided you have good credit.
Residential mortgages financing offered by banks in Canada is based on income verification from Canada Revenue Agency (CRA).
If your income reported on your tax returns falls below the bank’s debt service requirements, your mortgage will be declined.
We'll rework your reported income. To do this, we’ll need your last two years’ Tax Returns and your 2 years' Notice of Assessment from the Canada Revenue Agency. We go through your Tax returns to find allowable expenses to add back and increase your income.
*You can buy a home with CRA Income verified insured mortgages for self employed 5-10% down. For purchase price portion over $500,000 you'll need a minimum of 10% down.
All mortgages in Canada require a minimum 5% down payment on the first $500,000, and an added 10% down on the amount over $500,000. For example, a home costing $700,000 would require a minimum of $45,000 down payment - 5% on the first $500,000 and 10% on the remaining $200,000.
If after reworking the income, your application still falls below the required debt service levels, we’ll quickly redirect it to an alternate broker channel residential lender – without you having to do anything.
If you can't fit the income verified self employed home loans, you have the option of self employed mortgage no proof of income from alternative mortgage financing lenders with 20% down. These residential lenders can be more flexible and creative.
If we need to send your application to more than one lender, only the original credit report on our system will be used, without allowing the next lender to pull your credit again. This protects your credit rating. Below are links to articles about credit reports and scores and credit report score tips.
Marie Copeland FSU, Hamilton Mortgage Loans
Self employed and want to buy a home or refinance home equity mortgage?
Call 905.537.8815 for self employed loans, or
*Lenders change their products and interest rates without notice.
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